What is the meaning of Income as per Income Tax Act??
What is the meaning of Income as per Income Tax Act??
Section 2(24) of the Income Tax Act, 1961, defines the term "income" for the purposes of the Act. It is an inclusive definition and includes the following:
1 Profits and gains of business or profession
2 Capital gains
3 Dividends
4 Interest
5 Royalties
6 Rent
7 Annuity
8 Pension
9 Income from house property
10 Any winnings from lotteries, crossword puzzles, races, card games, and other games of any sort or from gambling or betting of any form or nature whatsoever
11 Any sum received by the assessee from his employees as contributions to any provident fund or superannuation fund or any fund set up under the provisions of the Employees' State Insurance Act, 1948 (34 of 1948), or any other fund for the welfare of such employees
12 Any sum received under a Keyman Insurance Policy including the sum allocated by way of bonus on such policy
13 Any sum received under a life insurance policy, including the sum allocated by way of bonus on such policy
14 Any sum received under a partnership deed
15 Any sum received by an individual or a Hindu undivided family (HUF) from a firm as a partner in a firm
16 Any sum received by an individual or a HUF from an association of persons (AOP) or body of individuals (BOI) as a member of the AOP or BOI
17 Any sum received by any person from a trust or institution registered under Section 12AA
